4 out of 5 RE investors and developers plan to boost their tech budget over the next three years because major complicated decisions increasingly require new tech.
NEW YORK – JLL’s 2023 Global Real Estate Technology Survey found more than 80% of real estate occupiers, investors, and developers intend to boost their real estate technology budget in the next three years.
Plainfield, N.J.-based Levin Management is doubling down on its tech investment, with the company’s Melissa Sievwright saying it’s fueled by a desire to stay ahead of competitors. She said Levin turned to the Placer.ai platform in 2020, and it’s provided them with a competitive edge through the use of data that includes visitations, trade area, cross-shopping, different center, comparative center rankings and shopping patterns.
“Then there’s the deep dive that the agents do, behind the scenes, to really analyze: ‘Hey, I want to put this tenant in the center, let’s see how it’s doing around us,’” Sievwright noted. “And they can really analyze the tenants that we choose to put in the center.”
Melissa Nascimento at Branchburg, N.J.-based Larken Associates said her company gained advantages from an optimized website and online marketing materials directed at customers, including interactive views of property clubhouses and three-dimensional, drone and virtual tours for communities preparing their online debut.
A recent JLL report noted that the foundation for artificial intelligence (AI) integration has been helped by property tech’s maturation. Digital solutions are spreading industry-wide to streamline processes like selling, buying, property development and investment.
Employee engagement is another area for AI enhancement. Nascimento reports the tech’s assistive capabilities let onsite staff direct their attention elsewhere.
Sievwright predicts that businesses that invest in tech “are going to be leaders in the industry. And the ones that aren’t are just kind of going to get dropped off eventually.”
Source: NJBIZ (10/02/23) Perry, Jessica
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